94. Factoring and the 800 Billion Dollar Business of Trucking with Tom Croteau
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In this episode Brock talks with Tom Croteau. Tom is a former Air Force maintainer, and the current president and owner of Operfi. Operfi is a factoring company serving the $800 billion trucking and logistics industry. In this conversation, you're going to learn what factoring is. We get into Tom's training and education program he's currently building out for his carriers. Tom gives us a pulse on the economic forecasts for trucking.
Episode Resources:
Show Notes:
Introduction to Tom 1:38
Studying entrepreneurship and business at Notre Dame. 7:44
Leaving more on the table in the military. 10:18
What is factoring and why does it matter? 16:06
The difference between distressed and entrepreneurial factoring. 18:32
What are the fees of factoring? 24:46
How much does it cost to do factoring? 26:40
Protecting the golden goose (customers). 32:12
The data business behind trucking 38:45
Driving across the country handing out business cards at truck stops. 50:40
The bottom line on freight rates. 56:51
How trucking is a leading indicator for the economy. 59:35
The big opportunity for veterans in trucking. 1:05:11
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The Scuttlebutt Podcast - The podcast for service members and veterans building a life outside the military.
The Scuttlebutt Podcast features discussions on lifestyle, careers, business, and resources for service members. Show host, Brock Briggs, talks with a special guest from the community committed to helping military members build a successful life, inside and outside the service.
Follow along:
• Episode & transcript: https://www.scuttlebuttpodcast.co/
• Brock: https://www.brockbriggs.com/
Tom Croteau
Founder & CEO
Tom Croteau is a seasoned professional with a diverse background that spans military service and business leadership. Serving as a Staff Sergeant in the Air Force from 2006 to 2010, Tom was a C-5 Crew Chief and later took on the role of Unit Deployment Manager, overseeing the deployment readiness of 350 personnel in an aircraft maintenance squadron during Operation Enduring Freedom (OEF) and Operation Iraqi Freedom (OIF).
After completing an undergraduate degree from Chapman University, Tom pursued an MBA from the University of Notre Dame with a focus on Entrepreneurship, Business Leadership, and Business Analytics.
With a wealth of experience in the trucking and logistics industries, Tom has spent over a decade making significant contributions to the field. As the VP of Operations, Tom played a pivotal role in successfully scaling a startup trucking/logistics/factoring business, transforming it into an acquisition target.
In 2019, Tom took the entrepreneurial leap and started Operation Finance, Inc, also known as OperFi. OperFi focuses primarily in the transportation and logistics industry providing entrepreneurs with the working capital and education to grow and scale their business. Today, OperFi employs veterans and military family members, donates a portion of profits each month to veteran causes, as well as providing veteran discounted pricing for their clients.
With expertise in the asset side, brokerage, and factoring space, OperFi provides clients and students with a comprehensive understanding of the trucking industry. Servin… Read More